Half a million square feet of class A product delivered within two years' time
“While previously starved for new supply, Charlottesville is finally benefitting from a healthy level of inventory providing choices across a spectrum of sizes for companies looking to grow in the marketplace. Over 275,000 square feet of class A office space was delivered in 2020, with an additional 297,000 square feet expected to deliver by year-end. This new construction is allowing for many companies who were operating in multiple Class B locations to consolidate into much more efficient contiguous Class A spaces. Charlottesville’s steady and growing office footprint is in part driven by a solid base of sector-resilient companies including those in the financial services, energy, R&D, and defense industries. Despite the occupancy challenges caused by the COVID-19 pandemic, the Charlottesville office market has maintained relatively solid fundamentals and is well positioned for growth in leasing activity over the next 12 months.”
Cass Kawecki | Vice President
- Since the beginning of 2020, Charlottesville has had 275,000 square feet of class A office space delivered to the market, with an addition-al 297,000 square feet expected to deliver by year-end.
- With U.S. Companies shifting towards increased telework models, the Commonwealth of Virginia has enabled the VEDP to consider telework positions held by Virginia residents when offering economic development incentives for site-selection projects.
- The Class A vacancy rate remains inflated at 8.2% due to increased office supply coupled with decreased leasing velocity.
- Apex Plaza, delivering 187,000 square feet in December 2021, is 90%pre-leased.